Nigeria’s crude oil output holds above 1.5mbpd for third month despite July drop
Nigeria’s crude oil production remained above 1.5 million barrels per day (bpd) for the third consecutive month in July 2026 despite a decline from the previous month. The post Nigeria’s crude oil output holds above 1.5mbpd for third month despite July drop appeared first on Nairametrics .
In July 2026, Nigeria's crude oil production continued to surpass the 1.5 million barrels per day (bpd) threshold for the third straight month, according to the latest Monthly Oil Market Report by the Organization of the Petroleum Exporting Countries (OPEC). Despite a drop from the previous month, Nigeria's oil output remained robust, sitting at 1.505 million bpd in July, a decline of 50,000 bpd compared to June's 1.555 million bpd.
This consistent level of production has propelled Nigeria back into the ranks of Africa's leading crude oil producers, following a March 2026 surge when daily output reached 1.530 million bpd, marking the first time the country had surpassed its OPEC production quota since mid-2025. This positive trend has bolstered Nigeria's position as Africa's largest crude oil producer, with the Federal Government prioritizing faster regulatory approvals to reduce project delays and spur new upstream developments.
Nigeria's crude oil reserves, reported by the Nigerian National Petroleum Company Limited, stand at 37.01 billion barrels of crude oil and condensate, along with 215.19 trillion cubic feet (TCF) of natural gas as of January 1, 2026. The government aims to expand natural gas reserves from the current 210 trillion cubic feet to approximately 600 trillion cubic feet by 2030, with the target of producing 3 million barrels of crude oil per day by the same year.
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